Ordinance 2024-611 - Laserfiche WebLink

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City of Sunny Isles Beach, Florida Management's Discussion and Analysis September 30, 2023 For governmental activities, this year's major capital asset additions before depreciation and amortization totaled $9.9 and include the following: • $4.5 in new construction in progress, which relates to projects started in the City, but not yet completed, such as the City-wide utility undergrounding, drainage projects and park and pier improvements and $1.5 for other infrastructure. • $2.5 in equipment, which relates to $0.5 for the City-wide license plate readers, security cameras and other public safety equipment, $0.1 for artwork, $1.7 for the purchase of 24 city vehicles, which includes 5 utility vehicles, 2 buses and 2 boats, and $0.2 for computer and playground equipment. • $1.5 in subscription (right -to -use assets) related to the implementation of GASB 96. For governmental activities, this year's major capital asset disposals consisted of vehicles and equipment that were removed or replaced that have a minimal carrying value. For business -type activities, this year's major capital asset additions before depreciation totaled $0.2 and include the following: • $0.2 in new construction in progress, which relates to the Golden Shores Utility Undergrounding and Drainage project. Additional information on the City's capital assets can be found in Note 4 on pages 43 and 44 of this report. Long -Term Debt: At the end of the current fiscal year, the City had bonded debt outstanding of $3.0, notes payable in the amount of $7.8, and combined lease and subscription (right -of -use assets) related debt of $1.1, for a total long-term debt of $11.9. The City's total debt decreased by $2.1 (15.1%) during the current fiscal year. The reason for the decrease was a result of the normal debt service requirements reducing the liability. Additional information on the City's long-term debt can be found in Note 6 on pages 45 through 50 of this report. 15 City of Sunny Isles Beach Revenue Notes and Other Debt (In Thousands) Governmental Activities Business -type Activities Total Primary Government 2023 2022 2023 2022 2023 2022 Revenue notes (backed by specific tax and fee revenues) $ 3,020 $ 4,831 $ $ 241 $ 3,020 $ 5,072 Notes payable 7,801 8,925 - 7,801 8,925 Lease (right -to -use asset) 59 59 - 59 59 Subscriptions (right -to -use asset) 1,054 -- 1,054 -- Totals $ 11,934 $ 13,815 $ - $ 241 $ 11,934 $ 14,056 The City's total debt decreased by $2.1 (15.1%) during the current fiscal year. The reason for the decrease was a result of the normal debt service requirements reducing the liability. Additional information on the City's long-term debt can be found in Note 6 on pages 45 through 50 of this report. 15